Based on the history of the case, the consumer’s credit card was issued in November 2004 and the imposed by the bank interest rate rose to 15.90%, although the former annual interest rate – fixed by the European Central Bank and a relevant law – had been 8%. 

The non-banking interest rate in question, which is calculated on the perpetual credited capital (i.e. on the remainder), along with the summing up of the provided contribution of the law 128/1975, ‘climbed’ to the annual percentage of 16.50%. In any case, the Supreme Court of Greece deemed it lawful and also ruled that the term of the contract formulated by the two parties had been valid.

 As highlighted in the decision, “the financial consequences and surcharges deriving from the relevant term of the contract are clear for the consumer, in the sense that they can be directly understood by her as the average consumer with no specialized legal and financial knowledge”. Therefore, according to the Supreme Court judges, there has been no violation of the principle of clarity, since the interest rate calculating method had been “clearly described and defined” and the consumer “was able to understand fully her assigned obligation towards the amount of the interest rate”.